Loading...
HomeMy WebLinkAboutResolution 3890-06-2010A Resolution NO 3890-06-2010 A RESOLUTION OF THE CITIES OF DALLAS AND FORT WORTH, TEXAS AUTHORIZING THE ISSUANCE OF DALLAS/FORT WORTH INTERNATIONAL AIRPORT JOINT REVENUE REFUNDING BONDS UPON THE OCCURRENCE OF CERTAIN CONDITIONS, AUTHORIZING AND DIRECTING THE FILING OF RULING REQUEST WITH THE INTERNAL REVENUE SERVICE, AND OTHER MATTERS RELATED THERETO WHEREAS the respective City Councils of the Cities of Dallas and Fort Worth, Texas (collectively the 'Cities") heretofore adopted the Thirtieth Supplemental Concurrent Bond Ordinance (the 'Thirtieth Ordinance') relating to the Dallas/Fort Worth International Airport (the Airport"); and WHEREAS, the Thirtieth Ordinance amended and supplemented the pnor ordinance of the Cities that is defined therein as the 1968 Ordinance" and WHEREAS, the 1968 Ordinance, as amended and supplemented by the Thurtieth Ordinance, and the Thirtieth Ordinance, now constitute the controlling ordinances of the Cities (herein defined together as the 'Controlling Ordinances") that relate to the financing of the Airport; and WHEREAS, in accordance with the Controlling Ordinances, the City Councils of the Cities of Dallas and Fort Worth, on February 23 2000 and February 22, 2000 respectively adopted the Thirty-First Supplemental Concurrent Bond Ordinance authorizing the issuance of the Dallas/Fort Worth International Auport Joint Revenue Bonds, Serves 2000A (the Series 2000A Bonds"), in the aggregate original principal amount of $335,000,000 and WHEREAS, a portion of the proceeds of the Series 2000A Bonds, as well as other bonds issued by the Cities, were used for the purpose of financing the Airport's elevated transit system ("Skylink System') and WHEREAS, the City Council of each of the Cities hereby finds and determines that, subject to market conditions at the time of the marketing and sale thereof and approval of a concurrent bond ordinance by the Cities, rt is in the best interests of the Airport in order to achieve interest costs savings that there be issued Dallas/Fort Worth International Airport Joint Revenue Refunding Bonds, Series 2010 (the 'Series 2010 Bonds') to currently refund all or a portion of the outstanding Series 2000A Bonds, if interest on the Series 2010 Bonds is excludable from gross income for federal income tax purposes and not an item of tax preference for purposes of deterrruning the alternative minimum tax imposed on individuals and corporations under Section 57(a)(5) of the Internal Revenue Code of 1986, as amended (the 'Code"), and WHEREAS m accordance with the Controlling Ordinances, the Cities have been requested by the Dallas/Fort Worth International Airport Board (the 'Board') to issue the Serves 2010 Bonds to refund all or a portion of the Series 2000A Bonds, and WHEREAS, this Resolution is adopted for the purpose of authorizing the issuance of the Serves 2010 Bonds, sub}ect to receipt of a favorable ruling by the Internal Revenue Service to the effect that there will be no FORT„a W/ 1~ RESOLUTION NO 3890-06-2010 'private business use" (within the meaning of section 141(b) of the Code) of the Skylink System (the 'Ruling") such that the interest on the Serves 2010 Bonds will not be an item of tax preference for the purpose of deteriruning the alternative minimum tax imposed on individuals and corporations under Section 57 of the Code and subject to favorable market conditions at the time of the marketing and sale of the Serves 2010 Bonds and approval of a concurrent bond ordinance by the Cities, and WHEREAS, this Resolution is being adopted in compliance with Revenue Procedure 96-16, requiring the issuer of bonds to adopt a resolution authorizing the issuance of bonds subject to receipt of a favorable ruling from the Internal Revenue Service among other criteria, and WHEREAS, it is the intention of the Cities by the approval hereof to authorize and direct the filing of the request for Ruling by Airport Staff and the Airport's counsel in order to permit issuance of the Series 2010 Bonds in order to currently refund the Serves 2000A Bonds. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS Section 1 That in accordance with the Controlling Ordinance, the City Councils of the Cities of Dallas and Fort Worth hereby authorize the Series 2010 Bonds for the purpose of currently refunding all or a portion of the outstanding Series 2000A Bonds upon receipt of a favorable Ruling from the Internal Revenue Service, and subject to such further approval of a concurrent bond ordinance by the Crty Councils of the Cities as are necessary and appropriate to set forth the terms and provisions of the Series 2010 Bonds. Section 2. That the filing of the request for a Ruling from the Internal Revenue Service by the Airport Staff, its attorneys and consultants is hereby approved. The Dallas/Fort Worth International Airport Staff shall ensure that the City Managers and City Attorneys of the Cities receive copies of all correspondence to and from the Internal Revenue Service m connection with this pnvate letter ruling. Section 3. That the Crty Manager of each of the Cities is hereby directed to take such other necessary and appropriate actions with respect to the issuance of Series 2010 Bonds upon receipt of a favorable Ruling from the Internal Revenue Service, including the preparation of final bond ordinances to reflect the provisions of the Series 2010 Bonds. That this Resolution shall take effect immediately upon its adoption. ATTEST ~, .:,,,;;~~jr~~/t ~+ ~ "may .~ ~ ~ !~. i B = k y y -- '-- --- --= ~~ Marty Hendrix City Sec~r~ 4 r ~rl,.r .~S*~ ~QR~~ CITY COUNCIL ~uN os Zoo d-..~ CIty Sec~~of the Clty of Fort Worth, Texae URT WORT ~-.